Ten Mile Center

Challenge

Our team was engaged to represent a buyer seeking to acquire a newly built, two-tenant strip center in Meridian, Idaho. The buyer was completing a 1031 exchange, which added time sensitivity and precision to the process. The property, built in 2020, was being sold by the original developer, requiring our team to manage both the acquisition and outstanding construction punch list items before the transaction could close.

Action

We guided the buyer through the acquisition of Ten Mile Center, a 6,191 SF unanchored retail property at 3110 W Quintale Dr. Because the property was a new construction sale direct from the developer, we coordinated the resolution of punch list items tied to tenant turnover, ensuring the property was in proper condition prior to closing. Throughout the process, we worked to keep the transaction on track while protecting the buyer's interests and satisfying the requirements of their 1031 exchange.

Result

• Represented the buyer in the successful acquisition of a two-tenant, new construction retail center
• Sale price: $4,800,000 ($775 per SF)
• Managed punch list close-out for tenant turnover as a condition of closing
• Facilitated a smooth 1031 exchange acquisition for the buyer